China Lodging Group, LimitedInvestor PresentationJ.P. Morgan China Conference, June 2012

Safe Harbor StatementSafe Harbor Statement

Statements in this presentation contain "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, asamended and Section 21E of the Securities Exchange Act of 1934 as amended and as defined in the Private Securities Litigationamended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities LitigationReform Act of 1995, including, among others, those relating to China Lodging Group, Limited (the “Company”)’s beliefs as to the growthof the Chinese economy and the hotel industry and the factors driving expected growth, the Company's growth strategy and expansionplan, and the competitive advantage and expected execution of its hotel pipeline development and business model. These forward-looking statements are not historical facts but instead represent only the Company’s belief regarding future events, many of which, bytheir nature, are inherently uncertain and outside of the Company’s control. The Company’s actual results and financial condition andother circumstances may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. In particular, the Company’s operating results for any period are impacted significantly by the mix of leased-and-operated hotels (or “leased hotels”) and franchised-and-managed hotels (or “managed hotels”) in its chain, causing the Company’soperating results to fluctuate and making them difficult to predict.

Because forward-looking statements are subject to risks and uncertainties, we caution you not to place undue reliance on any forward-l ki t t t All itt l f d l ki t t t b th C ti it b h lf lifi d b thlooking statements. All written or oral forward-looking statements by the Company or persons acting on its behalf are qualified by thesecautionary statements.

The Company undertakes no obligation to publicly update or revise any forward-looking statements or other information or datacontained in this presentation, whether to reflect any change in its expectations with respect to such statements or any change inevents, conditions or circumstances on which any such statements are based or otherwise.

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Table of ContentsTable of Contents

Section I:Section I:

S ti IIS ti II

Company and Industry Overview

Investment HighlightsSection II:Section II:

Section III:Section III:

Investment Highlights

Financial and Operating Performance

222

A Leader in China’s Limited Service Hotel SectorA Leader in China s Limited Service Hotel SectorNASDAQ: HTHT, Market Cap (05/15/2012): $730M

Our Business: a leading and fast-growing limited service hotel chain in China

― No. 1 in RevPAR

― No. 1 in Revenue Growth

― 2nd largest by revenue (1)

Our Network: a nationwide network (as of 3/31/2012)

― 675 hotels, 75,622 rooms, 111 cities

― 353 Leased hotels (52%);

322 Managed hotels (48%)Our Expansion

― Added 36 net new hotels in 1Q 2012

260 270

2010 Gross Regional Product (RMB billion)

>1,000 500~1,000 <500 HanTing Covered Cities

3333

(1) Among U.S.-listed peers

― To add 260 to 270 new hotels in 2012

China’s Travel Demand Continued toChina’s Travel Demand Continued to Grow FastDomestic Travel Expenditures Growth

(in RMB billions)

Domestic Travel Expenditures

YoY Growth %2009- 2011 CAGR 17%

2007- 2009 25%

16%20%

20%

25%2,400Expenditures CAGR=17%CAGR=14%

13% 13%

10%

15%

1 200

1,800

1 0181,223 1,383 0%

5%

600

1,200

777 875 1,018

-10%

-5%

02007 2008 2009 2010 2011

4

2007 2008 2009 2010 2011

Source: Euromonitor International.

Huge Potential for Branded Hotel Chains toHuge Potential for Branded Hotel Chains to Take Shares from Other Segments

2011 Travel Accommodation in China (Total outlets = 100%, 350K)

B d d 1-3 Star Hotels

Addressable market30.2%, 106K

BrandedHotel Chains

(<4 Star)1.9%, 7K

1 3 Star Hotels 3.2%, 11K

Other Hotels27.0%, 95K

4-5Star Hotels

Stand-alone Lodging Facilities97.2%, 340K

Guesthouses25.2%, 88K

Star Hotels0.9%, 3K Other

Accommodations

41.8%, 146K

5

Source: Inntie, Euromonitor International, China National Bureau of Statistics, CNTA

Hanting Group: Become a Top HotelHanting Group: Become a Top Hotel Group in 10 Years

647 161 482

Number of rooms at 2010YE + / - in 2010

618,104

647,161

22,643

482

612,735 15,061

507,306

604,781

7,850

19,721

575,00071,621*21,183*

6

* As of 12/31/2011, and change in the full year of 2011

2021E2011

Table of ContentsTable of Contents

Section I:Section I:

S ti IIS ti II

Company and Industry Overview

Investment HighlightsSection II:Section II:

Section III:Section III:

Investment Highlights

Financial and Operating Performance

777

Investment HighlightsInvestment HighlightsA High-Growth Company…

1. Fast Revenue Growth Driven by Network Expansion

2. Multi-brand Strategy to Sustain Long-term Growth

3 L di R PAR A hi d th h Hi h lit

…with High Quality

3. Leading RevPAR Achieved through High-quality Product Offerings and Loyal Customer Base

4 Fast growing Management Business4. Fast-growing Management Business

5. Visionary and Experienced Leadership Team

8888

Highest Revenue Growth Among Peers11

High Growth

Highest Revenue Growth Among Peers2008 – 2011 CAGR of Net Revenue

11

43%41%41%

28%28%

9

Source: public filing

Unit Expansion Drives Fast Revenue11

High Growth

Net RevenuesNumber of Hotels in Operation

Unit Expansion Drives Fast Revenue Growth

11

Net Revenues

(in RMB millions)

899-909

Number of Hotels in Operation

Managed HotelsLeased Hotels

2,250435-445639

34.5~

37.5%

1,738

295

445

438

639

29.4%

764

1,260

46463

195

167

236

145 173243

3442263167

2008 2009 2010 2011 2012E

1010101010

2008 2009 2010 2011 2012E2008 2009 2010 2011 2012E

Solid Execution of Expansion Plan

High Growth

11 Solid Execution of Expansion Plan11

Number of Hotels Opened (net, as for the period)

312935

43

64 59

36

Target: 260-270 New Openings in 2012

16 2233 30

9

1921

27

336Number of Hotels Contracted for Development (as end of the period)

Q1'11 Q2'11 Q3'11 Q4'11 Q1'12

111 145185

229162

201233

278 Strong and Growing Pipeline

74 90 88 93 107

88111 145

Q1'11 Q2'11 Q3'11 Q4'11 Q1'12

1111

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12

Managed HotelsLeased Hotels

Multiple Products Target A Broad Range22

High Growth

Multiple Products Target A Broad Range of Customers

22

Segment Mid-Scale,Limited Service Economy Budget

250 - 400 160 - 300 100 - 170Typical Room Night

Price Range (RMB)

24

(47 ~ 52)

622 29Number of Hotels

(Estimated Number of (~ 815) (38 ~ 43)(47 52)Hotels as of 2012) ( 815) (38 ~ 43)

Target Customers

12121212

Note: figures as of 3/31/2012

Sustainable Fast Growth Fueled by22

High Growth

2021E

Sustainable Fast Growth Fueled by Multiple Brands

22

2021E~ 5,000 Hotels

~750

2016E2,000+ Hotels

300+

750

Now

24 29 1,400+

~2,500 675 Hotels

Other brands

622

1,400 brands

13

Leading RevPAR With High quality Brand33

High Quality

Highest RevPAR (in RMB)

Leading RevPAR With High-quality Brand Positioning

33

Highest RevPAR (in RMB)

207

HanTing Home Inns 7 Days

Shanghai Expo

192

207

163

153 157

167171

168161

168 170177

167157

183

169148 153 157

144 143 156

140

153 155148

157149

144

171

156

163

141143

145

148143

152 154

141 144141 130 140

132*131

142143

129

142 143

135 136

126

141132

122

08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1

1414

Source: Public filing

* Including Motel; RMB139 if excluding Motel

Q1 Same Hotel RevPAR Appreciated 10% for33 Q1 Same-Hotel RevPAR Appreciated 10% for All Hotels, and 8% outside of Shanghai

33

Same-hotel RevPAR Growth

12% 11%* 12%*

All hotels Non-Shanghai hotelsFor hotels in operation for at least 18 months

1%

4%3%

12% 11%* 12%*

2%*2%

3%* 5%* 5%

10%11% 7% 7%

3%-1%

4%6% 7%

8%

-4%1% -2%

Q1 Q2 Q3 Q4 20102009 2011

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Same-hotel ADR Growth Same hotel Occupancy Growth

Q1 2012

7%5%

3% 3% 3%

Same-hotel ADR Growth

(2011, outside of Shanghai

3% 4% 5%

Same-hotel Occupancy Growth

-7%

-2%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Q1 Q1

1515

* Normalized for Shanghai Expo

2011Q1 Q2 Q3 Q4

2011Q1 Q2 Q3 Q4 Q1

2012Q1

2012

33

High Quality

Established Quality Image among33

Recognition by Customers

Established Quality Image among Customers

Best Economy Hotel

– China Tourism Gold List by Traveler magazine 2011– China Tourism Gold List by Traveler magazine, 2011

Best Economy Hotel Chain Brand in China – The 6th China Hotel Starlight Awards, 2011g ,

Top 10 Best Hotel Groups– Hotels China, 2010

Best Loyalty Program – Qunar.com, 2010

Best Hotel Product Design

– Air China, 2010

16

Fast growing High quality Customer Base33

High Quality

Membership Contribution Grows

Fast-growing, High-quality Customer Base Sustains Long-term Growth and Profitability

Robust Growth of HanTing Club Members

33

(in thousands)

Membership Contribution Grows

Individual670

7925,0845,818

Robust Growth of HanTing Club Members

Individual Members

65.7%

29% 28%

67% 68%Individual members and e-members

132 5251,505

2,633

4,414 5,0261232,756

Other direct-l

4% 4%

29% 28%

Q1 2011 Q1 2012

525

2007 2008 2009 2010 2011 2012-3-31

Sustainable and Balanced Customer Mix*

salesAgencies

High-quality HanTing Club Member Profiles

Individual Members (one time registration fee)E-Members (online registration for free, launched in 2010)

Leisure

Sustainable and Balanced Customer Mix

Business

High quality HanTing Club Member Profiles

62% are managers, directors and above

30-40%60-70%LeisureBusiness

84% are college graduates

54% have annual income over RMB 60 000

17171717

* For overnight stay customers

54% have annual income over RMB 60,000

Fast-growing Management Business44

High Quality

Fast-growing Management Business44

Managed Hotels Revenue as % of Total Revenues: Continued to Increase

Managed Hotels in Operation: Grew Quickly

295

322 8.9% 8.9%

295

7.1%

195

3.4%

63

0 5%

1.5%

2009 2010 2011 2012-3-31Cities

C d 20 48 77 86

0.5%

2007 2008 2009 2010 2011 Q1 2012

18

Covered 20 48 77 86

Meet Expectation

Accelerate Growth of Management Business44

Mix Shift: Leased versus Managed hotels

Accelerate Growth of Management Business44

899-909

Number of hotels or percentage in total network

~49%639

46%

54%~51%140-150,

55%

260-270

120,45%

End of 2011 New Hotels Added in 2012 End of 2012

1919

Managed HotelsLeased Hotels

55 Visionary and Experienced Leadership

High Quality

Legacy of Strategic Leadership and Innovation

55 Visionary and Experienced Leadership Team

Successful serial entrepreneur

― Founder, Executive Chairman and CEO of HanTing (“HTHT”)

― Co-founder and former CEO of Home Inns (“HMIN”)

― Co-founder, former CEO and President of Ctrip.com (“CTRP”)

M.S. and B.S. from Shanghai Jiao Tong University

Ownership: ~ 1/3 of outstanding shares

Qi JiFounder, Executive Chairman and CEO

Multinational Corporation Management Experience

Joined the Company in 2007

Over 10 years of finance and consulting experience,

Jenny ZhangCFO

y g p ,serving as Thailand CFO for Eli Lilly before joining

M.B.A from Harvard Business School

Joined the Company in 2012Joined the Company in 2012

Over 16 years experience in IT industry, serving as general manager in Digital China Network before joining

E. M.B.A. from Cheung Kong Graduate School of BusinessYunhang Xie

20

COO

Core Strategy: Fast Sustainable GrowthCore Strategy: Fast, Sustainable Growth With Quality

F C t E i G F t i U it & RInvestment in Human Resources

Focus on Customer Experience Grow Fast in Unit & Revenue

Invest in Human Resources Establish Multiple Brands

Sustainable Growth of

Shareholder V lInvest in Human Resources Establish Multiple BrandsValue

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Table of ContentsTable of Contents

Section I:Section I:

Section II:Section II:

Company and Industry Overview

Investment HighlightsSection II:Section II: Investment Highlights

Financial and Operating PerformanceSection III:Section III:

2222222222

High Revenue Growth for Both ModelsHigh Revenue Growth for Both Models

Net Revenues Leased Hotels Revenue

433498

438 410530

606 627 627

(in RMB millions) (in RMB millions)

2,250

2010 2011 2012

339433410

Q1 Q2 Q3 Q41,738

649 Managed Hotels Revenue

37 414051

58 63 62

424

(in RMB millions) 2010 2011 2012

2231

2323232323

Q1 Q2 Q3 Q42010 2011 Q1’11 Q1’12

EBIT Margin Improved 3.4 Percent Points YOYEBIT Margin Improved 3.4 Percent Points YOYAdjusted Loss from Operations (1)

as % of Net RevenueIMPROVE

3 4%

-1.4%

3.4%

-4.8%

Q1'11 Q1'12

Adjusted Hotel Operating Costs (1)

as % of Net RevenuePre-opening Expenses as % of Net Revenue

Adjusted SG&A Expenses (1)

as % of Net Revenue

85.0% 84.5%

11.7%

DECREASE 0.5%

DECREASE 1.7%

DECREASE 1.2%

8.1%

6.4%

10.5%

24

Q1'11 Q1'12 Q1'11 Q1'12 Q1'11 Q1'12

(1) Excluding share-based compensation expenses.

Net Cash Balance Remained StrongNet Cash Balance Remained Strong

Net Cash Balance (1) Cash Generated from Operations

783

(in RMB millions)

Debt = 0

(in RMB millions)

161

124 135

101

2011 2012

630 39

101

Cash Spent on Investment (2)

(in RMB millions)

Q1 Q2 Q3 Q4

2011 2012(in RMB millions)

197 186

267 231

255

2011 2012

2011 2012-3-31Q1 Q2 Q3 Q4

2525252525

(1) Calculated as cash and cash equivalent , restricted cash, short-term investment less total debt as of period end.(2) Cash spent on the purchase of property and equipment, purchase of intangible assets and acquisitions.

Q1 Q2 Q3 Q4

HanTing Presents an Attractive InvestmentHanTing Presents an Attractive Investment Opportunity

Attractive Market- Large market

- Fast growth

- Highly fragmented

High Growth

Reliable ExecutionGrowth Execution

Attractive Brand Positioning and Product Portfolio

Attractive Execution Capability- Seasoned management teamMore

- Premium brand

- Multiple product

Seasoned management team

- Financially-disciplined investment

approach

Profitable

262626262626

27

28

29

Contact InformationContact Information

China Lodging Group, Ltd. Ida Yu, Investor Relations Managerir@htinns comir@htinns.com+86 21 6195 9561

Company address:2266 Hongqiao Road, Changning District, Shanghai 200336 P R ChinaShanghai, 200336, P. R. China

IR website:http://ir.htinns.com

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